Sou Hu Cai Jing·2025-11-28 13:31Market Overview - The Hong Kong stock market showed mixed results today, with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 0.34% and 0.38% respectively, while the Hang Seng Tech Index saw a slight increase of 0.02% [1] - Major tech stocks displayed a divergent trend, with Meituan dropping by 1.44%, while Baidu, Alibaba, and JD.com experienced gains [2][3] Stock Performance - The Hang Seng Tech Index closed at 5599.11, up by 1.06 points or 0.02% [3] - Notable stock performances included: - Baidu Group: +1.1 (0.98%) with a market cap of 312.97 billion - Alibaba: +0.9 (0.60%) with a market cap of 2.892 trillion - JD.com: +0.3 (0.26%) with a market cap of 330.63 billion - Tencent: unchanged at 611.50 with a market cap of 5.592 trillion - Meituan: -1.5 (1.44%) with a market cap of 626.43 billion [3] Sector Trends - The market saw a resurgence in military stocks, while sectors such as wind power, gold, non-ferrous metals, gaming, lithium batteries, and construction materials experienced upward movement [3] - Conversely, financial and energy sectors showed weakness, with real estate stocks also underperforming [3] Trading Activity - The total trading volume for the day was 146.204 billion HKD, marking the first time in five months that daily trading volume fell below 200 billion HKD, indicating a tightening of liquidity as the year-end approaches [4] - Short selling amounted to 15.035 billion HKD, representing 10.28% of the total trading volume, with a decrease in short selling ratio to a five-day low [4][5] Market Sentiment - Despite the Hang Seng Index facing resistance at the 26,000 point level, there remains a cautious optimism regarding localized hot sectors, with a notable rotation of market interest [6] - Long-term outlook suggests that recent adjustments in the Hong Kong market may present attractive entry points for investors, as indicated by JPMorgan's upgrade of Chinese stocks to "overweight" [8] A-share Market - The A-share market also saw a rebound, with total trading volume decreasing by approximately 123.997 billion to 1.59 trillion [9] - The expectation of a potential interest rate cut by the Federal Reserve in December is anticipated to improve market sentiment and risk appetite [9]